Swinn Company manufactures bicycles. Materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Production and cost data for the month of May are as follows.

Instructions
(a) Calculate the following.
(1) The equivalent units of production for materials and conversion.
(2) The unit costs of production for materials and conversion costs.
(3) The assignment of costs to units transferred out and in process at the end of the accounting period.
(b) Prepare a production cost report for the month of May for thebicycles.

Transcribed Image Text:

Percent Complete Production Data -Bicycles Units Work in process units, May 1 Units started in production Work in process units, May 31 500 80% 2,000 800 40% Cost Data-Bicycles Work in process, May 1 $15,000 18,000 Materials Conversion costs Direct materials Direct labor Manufacturing overhead $33,000 50,000 19,020 33,680